First Horizon Co. (NYSE:FHN) Shares Acquired by Townsquare Capital LLC

Townsquare Capital LLC lifted its holdings in shares of First Horizon Co. (NYSE:FHN) by 135.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 34,928 shares of the financial services provider’s stock after acquiring an additional 20,065 shares during the period. Townsquare Capital LLC’s holdings in First Horizon were worth $703,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in shares of First Horizon by 26.2% during the 4th quarter. Bank of New York Mellon Corp now owns 37,131,162 shares of the financial services provider’s stock worth $747,822,000 after buying an additional 7,715,191 shares during the last quarter. Norges Bank acquired a new position in First Horizon in the fourth quarter valued at $132,418,000. Raymond James Financial Inc. purchased a new position in shares of First Horizon during the fourth quarter worth about $102,467,000. JPMorgan Chase & Co. increased its position in shares of First Horizon by 160.1% during the fourth quarter. JPMorgan Chase & Co. now owns 5,524,827 shares of the financial services provider’s stock worth $111,270,000 after purchasing an additional 3,400,811 shares in the last quarter. Finally, Amundi lifted its holdings in shares of First Horizon by 255.6% in the 4th quarter. Amundi now owns 3,733,831 shares of the financial services provider’s stock valued at $77,104,000 after purchasing an additional 2,683,746 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

First Horizon Stock Performance

Shares of FHN opened at $17.07 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.14. First Horizon Co. has a 52-week low of $14.09 and a 52-week high of $22.44. The company has a 50-day simple moving average of $19.22 and a 200-day simple moving average of $19.50. The company has a market capitalization of $8.78 billion, a PE ratio of 12.55, a P/E/G ratio of 1.19 and a beta of 0.60.

First Horizon (NYSE:FHN) last posted its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. First Horizon had a net margin of 15.38% and a return on equity of 10.10%. The company had revenue of $823.69 million during the quarter, compared to the consensus estimate of $825.11 million. During the same period last year, the firm earned $0.35 EPS. Equities research analysts predict that First Horizon Co. will post 1.67 earnings per share for the current fiscal year.

First Horizon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend was Friday, March 14th. First Horizon’s dividend payout ratio is currently 44.12%.

Insider Activity

In other First Horizon news, CEO D Bryan Jordan sold 109,980 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $21.13, for a total transaction of $2,323,877.40. Following the completion of the transaction, the chief executive officer now directly owns 1,861,381 shares in the company, valued at approximately $39,330,980.53. This trade represents a 5.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Barclays cut their price target on First Horizon from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. raised their price objective on shares of First Horizon from $22.50 to $23.50 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Robert W. Baird raised shares of First Horizon from a “neutral” rating to an “outperform” rating and set a $22.00 target price for the company in a report on Monday, April 7th. Bank of America raised their price target on First Horizon from $23.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday. Finally, StockNews.com raised First Horizon from a “sell” rating to a “hold” rating in a research note on Tuesday, April 8th. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, First Horizon has an average rating of “Moderate Buy” and a consensus price target of $22.03.

First Horizon Profile

First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. The company operates through Regional Banking and Specialty Banking segments. It offers general banking services for consumers, businesses, financial institutions, and governments.